According to Sportime, the Greek champions turned to Vinagre after they failed to agree terms with Rio Ave for Matheus Reis.
And talks are at an advanced stage for Vinagre to join Olympiacos on loan with an option to buy.
Vinagres, 21, joined Wolves from Monaco in 2018 for €2.5m following a loan spell and established himself as a regular.
Last season, he faced Olympiacos twice in the Europa League, giving the Greeks a close-up look at him.
Vinagres has started in Wolves’ past three games – twice in the league and once in the Carabao Cup.
However, if reports from Greece today are true, he is being allowed to join Olympiacos.